Stock Plans and Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2012

Stock Option Compensation Expense

The Company recorded expense related to stock options as follows:

December 31, (in thousands)	2012		2011		2010
Stock option expense	$	792	$	277	$	567

Fair Value of Options Granted

The fair value of stock options granted was determined using the following weighted average assumptions as of grant date:

	2012			2011			2010
Risk-free interest rate		1.04	%		2.29	%		2.66	%
Expected dividend yield		2.79	%		2.59	%		2.65	%
Expected stock price volatility		33.35	%		30.88	%		30.40	%
Expected life of options (in years)		6			6			6
Estimated fair value per share	$	5.62		$	5.56		$	5.20

Summary of Activity in Stock Option Plan

A summary of stock option activity for 2012 follows:

						Weighted
				Weighted		Average
	Options			Average		Remaining		Aggregate
	Class A			Exercise		Contractual		Intrinsic
	Shares			Price		Term		Value
Outstanding, beginning of year		592,276		$	21.38
Granted		3,000			23.65
Exercised		(11,470	)		20.78
Forfeited or expired		(123,606	)		23.44
Outstanding, end of year		460,200		$	20.86		2.06	$	458,853
Fully vested and expected to vest		460,200		$	20.86		2.06	$	458,853
Exercisable (vested) at end of year		115,200		$	23.65		0.89	$	1,523

Stock Option Plan Information

Information related to the stock option plan during each year follows:

December 31, (in thousands)	2012		2011		2010
Intrinsic value of options exercised	$	56	$	315	$	1,455
Cash received from options exercised, net of shares redeemed		147		438		1,884
Weighted average fair value of options granted		17		28		42

Loan Balance of Non-Executive Officer Employees to fund Stock Option Excises

Loan balances of non-executive officer employees that were originated to fund stock option exercises were as follows:

Years Ended December 31, (in thousands)	2012		2011
Outstanding loans	$	466	$	893

Information of Restricted Stock Awards Granted

years of continued employment. Information related to restricted stock awards granted follows:

December 31, (in thousands except per share data)	2012
Shares granted		82
Weighted-average grant date fair value	$	19.85
Restricted stock award expense	$	50

Non Vested Restricted Stock Awards

The following table summarizes the activity for non-vested restricted stock awards for the year ended December 31 2012.

	Shares
Outstanding, beginning of year		-
Granted		82,000
Forfeited or expired		-
Earned and issued		-
Outstanding, end of year		82,000

Unrecognized Stock Option Compensation Expense Related To Unvested Awards

Unrecognized stock option and restricted stock award expense related to unvested options and awards (net of estimated forfeitures) are estimated as follows:

Year	Awards		Options		Total
2013	$	298	$	243	$	541
2014		298		113		411
2015		298		14		312
2016		298		7		305
2017		271		3		274
2018		114		-		114
Total	$	1,577	$	380	$	1,957

Director Deferred Compensation Shares Reserved

The following table presents information on director deferred compensation shares reserved for the periods shown:

	2012					2011					2010
Years ended December 31,	Shares Deferred			Weighted Average Market Price at Date of Deferral		Shares Deferred			Weighted Average Market Price at Date of Deferral		Shares Deferred			Weighted Average Market Price at Date of Deferral
Balance, beginning of period		43,990		$	20.19		37,842		$	20.30		32,004		$	20.19
Awarded		9,871			22.02		8,658			19.77		7,298			21.05
Released		(3,447	)		18.93		(2,510	)		20.42		(1,460	)		21.73
Balance, end of period		50,414		$	20.19		43,990		$	20.19		37,842		$	20.30

Director Deferred Compensation

Director deferred compensation has been expensed as follows:

Years Ended December 31, (in thousands)	2012		2011		2010
Director deferred compensation expense	$	227	$	171	$	151